People Drive Our Success
Are you enthusiastic, highly motivated, and have a strong work ethic? If yes, come join our team at Cathay Bank - we strive to provide a caring culture that supports your aspirations and success. We believe people are our most valuable asset and we proudly foster growth and development, empowering you to achieve your professional goals. We have thrived for 60 years and persevered through many economic cycles due to our team members drive and optimism. Together, we can make a difference in the financial future of our communities.
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GENERAL SUMMARY
Responsible for daily foreclosure, bankruptcy, and litigation activity, which includes working with bank attorneys, borrowers, and third parties. Collection of residential mortgages and Home Equity Lines of Credit, minimizing potential losses on delinquent loans. In compliance with the Fair Debt Collections Practices Act (FDCPA) and other regulations, initiate outbound loss mitigation efforts to resolve delinquency or assist the borrower with options available to bring the account current.
Analyzing customers situations and collateral risks to present alternative solutions, such as forbearance plans, repayment plans, payment deferrals, pre-foreclosures, short sales, and deed in lieu. Submission tracking and reconciling of late-stage delinquent loans, including recommendations for foreclosure when appropriate. Providing technical and procedural support and direction to Mortgage Loss Mitigation team members.
ESSENTIAL FUNCTIONS
Manage late-stage delinquent loan inbound and outbound calls with borrowers to ensure quick and effective solutions are provided to each borrower.
Counsel and guide customers to achieve workout alternatives based on their circumstances.
Comply with the FDCPA and other local and federal regulations.
Adhere to Cathay Banks policies and procedures.
Review Borrower Response Packages for assistance to determine if they are complete and perform pre-underwritten reviews of documents provided.
Contact delinquent borrowers to review approved loss mitigation options and prepare letters for approval, missing documents, and notice of action taken.
Collaborate with the manager on recommended pre-foreclosure reviews and participate in monthly management meetings.
Prepare foreclosure files for setup on the core collection system.
Provide attorney with accurate foreclosure figures, including reinstatement figures, which will be provided to external parties by the attorney. In addition, provide the attorney with accurately executed documents as requested.
Responsible for bankruptcy filing reviews, preparing transmittals to attorneys, and servicing or further legal actions.
Assist with training new hires as needed.
Assist in processing successor in interest, short sales, deed in lieu, or any other legal issues.
Prepare monthly reporting, including delinquency, foreclosure, bankruptcy, and other activities.
Assist in preparation of risk rating and accrual recommendations.
Provide assistance and guidance to Mortgage Loss Mitigation Team members.
Meet department standards as they relate to daily productivity metrics.
Perform additional projects and duties as assigned by management.
QUALIFICATIONS
Education: High school diploma or equivalent.
3-year experience in mortgage loss mitigation, foreclosure, and bankruptcy processing.
Understanding of debt collections in any stage of delinquency.
Familiarity with financial statements, tax returns, credit reports, home appraisals, title searches, and other documents used to evaluate a pre-foreclosure remedy.
Strong analytical, problem-solving, and mathematical skills.
Proficient in Microsoft Word, Outlook, Access, and Excel with a minimum level of Intermediate.
SKILLS
Ability: Strong organizing and problem-solving skills, good written and verbal communication skills, must be able to adapt well in a fast-paced and constantly changing business environment.
PC proficiency demonstrated ability to work in a team-oriented environment and provide good customer service.
Bilingual English/Chinese is a plus.
OTHER DETAILS
Pay: $33.65 - $43.27 per hour (determined based on job-related knowledge, skills, experience, and location).
This position may be eligible for a discretionary bonus.
Cathay Bank offers its full-time employees a competitive benefits package, which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs, which includes coverage for:
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Cathay Bank is an Equal Opportunity and Affirmative Action Employer. We welcome applications for employment from all qualified candidates, regardless of:
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Cathay Bank endeavors to make www.CathayBank.com accessible to any and all users. If you would like to contact us regarding the accessibility of our website or need assistance completing the application process, please contact Mickey Hsu, FVP Employee Relations Manager, at 626-582-7370 or
mickey.hsucathaybank.com
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